El Al Proposes 7.03 Million Shekel Annual Package for Chairman Amikam Ben-Zvi
El Al shareholders will vote on a 7.03 million shekel annual compensation package for Chairman Amikam Ben-Zvi, alongside executive liability releases and the appointment of Shalom Naaman to the board.
El Al Israel Airlines is asking shareholders to approve a lucrative compensation package totaling 7.03 million shekels annually for Chairman Amikam Ben-Zvi, alongside a proposal to increase his position from 90% to full-time employment.
With the transition to a full-time role, Ben-Zvi's monthly gross salary will be set at 157,000 shekels, indexed to the consumer price index. The direct cost of his salary, including social benefits and related payments, will amount to 2.63 million shekels per year.
The broader compensation package includes a cash bonus of 1.966 million shekels, alongside equity-based compensation valued at 2.43 million shekels. Ben-Zvi currently holds a 0.02% stake in El Al. The airline attributes the expansion of his position to his growing responsibilities within the group, including serving as chairman of El Al Travel Ltd., a subsidiary managing tourism and vacation services, for which he receives no separate remuneration.
The proposal will be put to a vote at El Al's annual and special general meeting, scheduled for November 26, 2026, at the company's offices at Ben Gurion International Airport. Shareholders will also vote on granting Ben-Zvi an indemnity letter and release from liability for a three-year period starting October 30, 2025, from which date the company considers him part of the controlling shareholder group.
Additional votes will address liability releases for CEO Levy Halevi, as well as for Kenneth Rosenberg's father and Darrell Hagler, who serve as vice chairmen of the board. Furthermore, El Al is nominating Shalom Naaman, a 62-year-old co-founder and co-CEO of the Machsanei HaShuk supermarket chain, as an external director for a three-year term. Controlling shareholder Kanfei Nesharim Aviation holds a 42.25% stake in the airline, meaning minority shareholders will hold significant sway in key votes.
